Oil prices fell nearly 2 percent on Thursday after the U.S. suspended some sanctions on Venezuelan output, helping ease fears over supply disruptions from the Middle East.
Also, reports suggest that the Organization of the Petroleum Exporting Countries (OPEC) is not inclined to take up member Iran's call for an oil embargo on Israel after a huge explosion at a Gaza hospital.
Benchmark Brent crude futures fell over 2 percent to $89.64 a barrel, while WTI crude futures were down 1.9 percent at $85.64.
The U.S. Department of the Treasury announced Wednesday that its Office of Foreign Assets Control (OFAC) has issued four general licenses suspending select sanctions on Venezuela.
The treasury has issued a six-month general license temporarily authorizing transactions involving the oil and gas sector in Venezuela in response to the signing of an electoral roadmap agreement between Venezuela's Unitary Platform and representatives of Maduro.
